Toy group reports a £6.1 million profit for the first half and anticipates continued growth in the second half.
The Character Group has today (29 April) reported a £6.1 million profit for the first half of the year, while the company is also anticipating continued growth in the second half.
The performance of its current portfolio of products, coupled with the success in further building sales growth momentum in its international and domestic markets, has resulted in a very strong performance by the Group in the period. Turnover for the period was increased by 44% to £74.5m, with an underlying profit before tax of £6.1m.
The performance is attributed to the strong portfolio of brands and growth is expected to continue through the second half of the financial year and beyond Christmas 2021.
Brands include a number of preschool lines, while there has also been a focus on developing a sustainable, eco-friendly range of products over numerous brands with the ‘World of Licensed Wood’ range.
This now includes a comprehensive selection of figures, vehicles and play-sets. Licences within the range currently include Peppa Pig, Disney Princess (pictured) and Fireman Sam. There is also an Eco-Plush multi-licensed collection.
Character Options will also be launching a new master toy line for Moonbug Entertainment’s My Magic Pet Morphle later this year.
A statement issued by The Group today ended with an outlook for the second-half of the financial year: “In the shorter term there are challenges, with the underlying delays at ports, shipping shortages and opportunistic pricing on freight rates (all principally fall-out resulting from the Covid-19 pandemic) and mounting pressure on the costs of production in China.
“However, with the substantial increase in Group sales in the first half, we have continued to see a strong performance from sales of our product portfolio in all our territories from the commencement of the second half of the year. This growth is forecast to continue through to and beyond Christmas 2021 and we are on target to deliver the best performance in a calendar year in the Group’s history.
“By working tirelessly and in close partnership with our customers, suppliers and brand owners, our personnel have delivered a seamless, efficient and safe transition from the old to the new ‘normal’. Every one of our team members has played a significant role in this achievement and, on behalf of the Board and all the Group’s stakeholders, the Group wishes to express their gratitude to them.”